POWERED BY MOMENTUM MEDIA
PYS and PMIF lead super complaints
Last financial year over 2,700 superannuation account complaints were made to the Australian Financial Complaints Authority (AFCA), partly because of impacts felt by the Protecting Your Super (PYS) and the Putting Members’ Interests First (PMIF) legislations.
These complaints included disputes about the cancellations of insurance policies where a complainant was unaware their policy had been cancelled.
This was because of a range of reasons, as AFCA pointed out, including impacts from the PYS and PMIF legislations or there being insufficient member funds to pay premiums.
A total of 5,249 superannuation product related complaints were received by AFCA last financial year, with superannuation account complaints ranking first, followed by ‘total and permanent disability’ product complaints, which made up 978.
But overall there was a 31% drop in the number of superannuation complaints compared to the 2019-20 financial year when AFCA received 7,556 complaints.
The most common issues experienced by those lodging complaints last financial year were delays in claim handling (856 complaints), which the AFCA said frequently related to a lack of communication from the fund.
Last financial year, 6,214 superannuation complaints were closed, including 2,403 received before 1 July 2020 and AFCA took an average of 116 days to close a complaint.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
